DRAVA, KUPA, RJE»INA, LOKVARKA, LI»ANKA LIKA, DOBRA ...

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ELECTRICITY SALES (GWh) 2010 2009 2008 8,094 9,182 0 5,000 10,000 15,000 20,000 DISTRICT HEATING The business of production, distribution and supply of heat energy is performed in the areas of Zagreb, Osijek, Velika Gorica, Zaprešić, Samobor and Sisak. The business made an operating loss in 2010 of 142.6 million kuna. Due to the increase in heat production costs resulting from the increase in fuel prices of 18 percent and 14 percent on average for gas and oil respectively, the loss increased compared to 2009 by 38.2 million kuna. The necessary increase in selling prices was not approved so that the trend of growing loss returned after being stopped in 2009 owing to price increase of 16 on average. Sales of heat and process steam were 2.37 TWh, which is 3.8 percent more than in 2009. With an average growth of 2 to 3 percent a year due to increase in the number of customers (mainly residential), annual consumption is strongly impacted by weather conditions in the heating season. GAS The business of gas distribution and supply is performed in the areas of Osijek-Baranja, Virovitica-Podravina and Požega-Slavonia counties. In 2010, the business made an operating profit of 3.1 million kuna with gas sales growth of 3 percent. As with the heating business, consumption in this business is also greatly impacted by weather conditions during the heating season. In 2010, there was a further decrease in consumption by non-residential customers of 2 percent, while residential customers increased their consumption by 7 percent. As from January 2010, price increase was approved to distributors due to increase in gas purchase price, whereby this increased cost was transferred to customers. Due to payment collection problems, provisions for accounts receivable increased. FINANCIAL POSITION CONSOLIDATED BALANCE SHEET (ABRIDGED) 7,622 6,469 13,949 2,183 1,532 tariff customers eligible costumers export and trading Dec 31, 2009 Dec 31, 2010 10/09 HRK mn share HRK mn share Long-term assets 29,879.9 91% 29,867.8 89% 0% Short-term assets 2,831.2 9% 3,753.2 11% 33% Total assets 32,711.1 100% 33,621.0 100% 3% Capital and reserves 18,248.1 56% 19,679.9 59% 8% Long-term liabilities 9,810.1 30% 9,948.1 30% 1% Short-term liabilities 4,652.9 14% 3,993.0 12% -14% Total liabilities and capital 32,711.1 100% 33,621.0 100% 3% 1,885 1,858 35 HEP ANNUAL REPORT 2010 CHAPTER 3 - HEP’S BUSINESS OPERATIONS IN 2010
36 HEP ANNUAL REPORT 2010 CHAPTER 3 - HEP’S BUSINESS OPERATIONS IN 2010 ASSETS The value of total assets of HEP Group in 2010 increased by 909.9 million kuna to 33.6 billion kuna. The increase was achieved in short-term assets while long-term assets remained of approximately the same value as at the end of 2009 due to investment in construction, replacement and reconstruction of energy plants and networks being lower than annual value adjustment for depreciation. Long-term assets account for 89 percent of the value of the Group’s assets. The value of short-term assets is 3.8 billion kuna, an increase of 922.0 million kuna, with the greatest increase in the item of cash and cash equivalents. The most significant item in short-term assets is accounts receivable amounting to 1.7 billion kuna, which increased in 2010 due to worse payment collection. This is followed by inventories of materials, spare parts and energy fuel which amount to 1.1 billion kuna with an increase in the value of fuel inventories due to higher prices and quantities of oil and coal. CAPITAL AND LIABILITIES Capital and reserves at the end of 2010 amounted to 19.7 billion kuna with a share of 59 percent in the Group’s total assets and an increase of 1,431.8 million kuna compared to 2009, due to the profit of the year. The structure of liabilities did not change significantly, short-term liabilities decreased by 659.9 million kuna compared to the beginning of the year due to which their share decreased from 14 to 12 percent. Trade payables decreased as well as liabilities for short-term loans. Since July 2010, all GEP Group companies have settled their trade payables by due dates. Long-term liabilities for loans and securities decreased, but the current portion of these liabilities whose repayment is due in 2011 increased. Long-term provisions for risks and costs increased due to provisions for legal suits, unused annual vacations, severance payments in accordance with the Collective Agreement, damage arising from contracts and increase in estimated costs of nuclear plant decommissioning. Due to decrease in interest-bearing debt and increase in the value of capital and reserves, net debt to equity ratio decreased from 32 to 24 percent. INVESTMENTS In 2010 the value of the investments that were made by the Group was 1,693.3 million kuna, of which the greatest part is related to new construction and to replacement and reconstruction of existing energy facilities, plants and networks. The remaining part is related to information technology and telecommunications infrastructure, remote control systems, measuring devices and instruments, business premises and transport vehicles. INVESTMENTS (HRK MN) 2008 2009 2010 10/09 Investments in property, plant and equipment 2,644.2 2,359.7 1,693.3 -28% Construction of transmission and distribution networks makes it possible to meet continuous growth in electricity consumption in Croatia, while replacement and reconstruction remove inefficiencies of existing plants and facilities with the aim of improving the security and quality of electricity supply and reducing network losses. Construction of new high-efficiency generating plants will reduce the gap between generating capability of existing plants and growing needs for electricity. It will also allow closure of old, inefficient and therefore expensive, plants. An overview of major investments 2010 per company is given in the section Reports by HEP Group companies.
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EMPHASIS OF MATTER Revenue recognit
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In conclusion, I can say that busin
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Overseeing the quality of services
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